Stablecoin as Payment Infrastructure for Russia

Stablecoin can become a payment infrastructure for fast settlements in Russia, especially in foreign trade. The Ministry of Finance and the Central Bank are discussing the operation of the Russian digital currency and the permissible transactions with it. It is estimated that about 20 million people in Russia use cryptocurrencies, with total investments amounting to 3.7 trillion rubles. A stablecoin differs from regular cryptocurrencies in that its value is tied to a base asset, such as the ruble or the dollar. Its main task is to maintain exchange rate stability rather than to generate investment income. The stablecoin exists on the blockchain, allowing for cross-border transactions to be conducted quickly and without traditional banking chains. The Russian stablecoin model will develop under strict state control. The use of cryptocurrencies for payment of goods within Russia is prohibited, but purchases through licensed intermediaries are allowed. The stablecoin model is in its early stages, and its implementation will be gradual, starting with large foreign economic contracts. The main goal is to create a secure digital corridor for settlements with foreign partners, bypassing the SWIFT system.

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